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Today's Market view

The central bank raised interest rates as expected and vowed to battle price pressures even at the cost of some economic growth, a fight that could threaten fuel demand in a crucial region for rising oil use. There are concerns that higher interest rates could be a growth killer and that could be what is weighing down oil prices.

Negative Asian cues may drag the Indian markets in the opening trade today. The market sentiment remained jittery due to persisting concerns over Greek debt woes. Rate sensitive sectors will continue to hog the limelight. Investors may go for a bargain hunting after a sharp fall in the previous session.

Maruti Suzuki late on Thursday night settled the 13-day-old strike at its Manesar plant. The plant will start production from Saturday. According to the agreement, Maruti has agreed to reinstate all 11 sacked employees. The carmaker has not taken a decision on recognising the new workers union. Production loss at the carmaker so far is estimated to be over Rs600 crore, with over 13,200 units less produced. This news will keep Maruti’s shares in focus.

The Nifty should stay above 5450 to avoid a further crunch down in the trading range. It is likely to meet resistance between 5500 and 5600 on the higher side. Support is likely between 5200 and 5300 on the way down. For the immediate future, the 5400 level will to be crucial.

FIIs were net sellers of nearly Rs. 6bn in the cash segment on Thursday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net buyers of Rs. 2.86bn on the same day. In the F&O segment, the foreign funds were net buyers at Rs. 2.22bn.

The foreign funds were net sellers of Rs. 921mn in the cash segment on Wednesday, as per SEBI web site. Mutual Funds were net buyers at Rs. 21mn on the same day.